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Capital gain

This query is : Resolved 
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(Querist)
27 August 2020 Sold a residential property for 40 lakhs. In sale deed govt. Value of 18 lakhs is shown & received DD for that. Remaining 22 lakhs is received by cheque & deposited in bank. Can the whole 40 lakhs be shown as sale consideration for computing capital gains in income tax return.
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CA Ankith Jain

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CA Ankith Jain (Expert)
28 August 2020 Yes 40L will be sale consideration.
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Harshit Bangar

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Harshit Bangar (Expert)
28 August 2020 no that will not be your sale proceeds part
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Swamy

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Swamy (Querist)
30 August 2020 Remaining 22 lakhs is not mentioned in sale deed. Can we still show it as sale consideration?. Do we need agreement made between buyer & seller as a proof for income source
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Aashok Kumar Sharma online

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Aashok Kumar Sharma online (Expert)
31 August 2020 The full value of consideration received or to be received by the seller as a result of transfer of his capital assets is to be shown in the books of account and accordingly in ITR. Capital gains are chargeable to tax in the year of transfer, even if no consideration has been received.
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